Life insurance sales see slow start for 2019
Sales of several categories of life insurance products were down by double-digit percentages in the first quarter, according to Wink’s Sales & Market Report. Non-variable universal life sales for the first quarter, which include both indexed and fixed universal life sales, were $768.2 million, down 20.4% compared with the previous quarter and down nearly 13% compared with the same period last year. Indexed life sales for the first quarter were $491.7 million, down more than 20.3% when compared with the prior quarter, and up over 1.1% as compared to the same period last year. Fixed universal life sales were $277.4 million, down 20.5% from the fourth quarter and down more than 29.4% from a year ago. Sheryl Moore, president and CEO of Wink Inc., said the 2017 revision of mortality tables is hitting insurers hard. “If companies’ sales aren’t down because their field force isn’t up-to-date on their reprice for the new mortality tables, they are down because they are too busy working on new products to focus on sales,” she said.